US Economy : a long and winding road

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      <subfield code="a">The US economy has shown remarkable resilience in its ongoing recovery from the pandemic. Supported by government spending and extraordinarily accommodative monetary policy, the US economy grew by 5.5% year over year in 2021-the largest economic expansion in decades (Exhibit 1). Strong economic growth resulted in the creation of over six million jobs by the end of the year, with the unemployment rate falling to 3.9% in December. But strong growth-as well as government stimulus-also brought about the highest level of inflation in decades, with headline inflation registering 7.1% in December. As a result, the economy will face a much different landscape in 2022. The Federal Reserve has signaled it is ready to start to normalize monetary policy and will begin to tighten credit sometime during the first quarter of the year. The government, concerned about record deficits and rising inflation, will likely have a limited appetite to undertake further large-scale government stimulus. The economy in 2022 won't be supported by the training wheels provided by the Fed and the federal government.</subfield>
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